If there’s one thing Lil Yachty knows how to do, it’s to secure a bag. The rapper is launching his very own cryptocurrency called “YachtyCoin,” which allows fans to become shareholders in his career. It’s a bold step in the global crypto market that is currently valued at over $500 billion.
YachtyCoin, an Ethereum-based coin, is in partnership with a Swizz-based platform called Fyooz. According to their website, it’s a “fully compliant, Swiss regulated, global platform where celebrities and influencers can issue their own cryptocurrency via the process of tokenization on the blockchain.” Once tokenized, fans who downloaded the Fyooz app can purchase the coins on their credit card and invest in their favorite celebrity.
In other words, these “social tokens” can allow users exclusive access and privileges to their favorite influencer that ordinary fans cannot obtain, but only if they meet the asking price. Subsequently, the higher the celebrity’s star power and the larger their fan base is, the more money can be made in the endeavor.
Lil Boat, born Miles Parks McCollum, has over 10.7 million listeners on Spotify each month, a loyal fanbase of nearly 10 million on Instagram and 5.2 million on TikTok. The move sounds like an easy bag to make, but it does come with a complication: the program excludes fans that are “U.S. citizens, green card holders, or residents of the United States of America.”
“For all my fans outside the US, I partnered w/ @fyooz_io to make history,” the “Oprah’s Bank Account” rapper said in a Twitter post. “My lawyer is making me disclose that I’m being paid Man shrugging If you want to buy access to me #YachtyCoin is coming soon only on the Fyooz App #fyz”
Remo Prinz, a co-founder of Fyooz, explained in a statement that tokenization gives artists a new revenue stream without running the risk of losing the fan base who would have purchased tickets and merchandise from tours and live performances, which alludes to the pandemic’s freeze on the entire industry.
“Without being able to connect with their audiences live, performance artists will lose not only revenue but also appeal. Artists run the risk of no longer being front of mind and relevant. But Fyooz cements the relationship by way of a token which represents access, rights, and in the end, appreciable value. And all within a click for those stars who want to deliver this new experience. We are very excited to welcome Lil Yachty as a pioneering voice for this new generation, the face of cool and the sound of rhyme… These qualities make Lil Yachty a billboard for Fyooz. He remains in constant motion and today instead of aiming to endure the problems existing within old industry models, Lil Yachty has joined with Fyooz to create new methods of getting closer to fans and in so doing creating a new investment paradigm for both fans and stars globally.”
Anything to beat the archaic record label structure, right?
In recent days, Fyooz has signed Dre London, manager of rappers Post Malone and Tyga, as an adviser to bridge the music sector to the platform, starting with the launch of YachtyCoin.